deposited OS
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Question
Transcribed Image Text:How much money should be deposited today in an account that earns 4% compounded semiannually so that it will accumulate to $10,000 in three years?
Click the icon to view some finance formulas,
.....
The amount of money that should be deposited is
(Round up to the nearest cent.)
Formulas
In the provided formulas, A is the balance in the account after t years, P is the
principal investment, r is the annual interest rate in decimal form, n is the number
of compounding periods per year, and Y is the investment's effective annual yield
in decimal form.
nt
A
P =
A =Pet
Y =
- 1
nt
1+
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